A cryptocurrency expert and trader known as Credible Crypto is sharing bearish sentiments about Cardano (ADA). In a recent video, Credible Crypto, who has a following of 48,700 subscribers on YouTube, expresses his belief that Cardano’s current outlook is not favorable. Despite already experiencing a correction of over 90% from its all-time high, Credible Crypto believes that Cardano still faces the risk of further decline.

Credible Crypto suggests that Cardano could potentially fall by anywhere between 57% and 74% to reach his projected downside targets. He explains that there is a possibility that Cardano has reached its peak and is now starting to break down. In such a scenario, Cardano would likely drop below the green zone (around the $0.33 price) and reach the lower levels of support between $0.12 and $0.20.

At the time of writing, Cardano is trading at $0.466. Credible Crypto emphasizes that Cardano’s future price trajectory will heavily depend on Bitcoin. He explains that if Bitcoin experiences another downward movement, it could lead to further losses for Cardano, potentially causing it to break its current support level and undergo a significant decline. Credible Crypto highlights that while Bitcoin has only lost around 20%, Cardano has already experienced a drawdown of about 50%.

It is important to note that the opinions expressed by Credible Crypto and reported by The Daily Hodl are not investment advice. Investors are advised to conduct their own research and analysis before making any high-risk investments in cryptocurrencies or digital assets. The Daily Hodl does not endorse or recommend the buying or selling of any cryptocurrencies or digital assets, and readers are encouraged to exercise caution and responsibility in their trading activities.